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Investing in precious metals is becoming increasingly popular, and some excellent companies have emerged to help Americans and people from all over the world diversify their portfolios with gold, silver, platinum, and palladium.
One such dealer is the Genesis Gold Group.
Here is everything an investor needs to know about it.
Before we get started:
Inflation and rising interest rates has destroyed many people's savings. Many investors feel defeated and helpless, but you can fight back.
Gold and other precious metals have been used to protect against inflation for thousands of years. And when you hold physical in a tax-protected savings account, it gets even better.
Opening a gold IRA can sound complicated, but it's really not.
That is why we created a list of our most trustworthy investment companies, to make comparing and choosing the company best suited to your needs as easy as possible.
Look to see if the Genesis Gold Group was selected to our "highest recommendation" list this year!
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About Genesis Gold Group
Genesis Gold Group is a faith-based precious metals dealer in Beverly Hills, California. It was officially opened recently on the 24th of August 2022 by Jonathan Rose, Jacob Diaz, and Brad Garret.
They have a combined experience of over 50 years in the precious metals industry and wealth preservation.
The Genesis Gold Group believes that empowering faith-driven stewardship with precious metals is essential to an investor's portfolio for long-term wealth and security. Gold and silver are God's money, found on the Earth's crust.
They enforce discipline, self-reliance, self-constraint, discipline, and balance in a person's financial planning.
The Genesis Gold Group Products
Genesis Gold Group offers gold, silver, palladium, and platinum products to their esteemed investors in America and around the world. They have a diverse selection of rare coins, including American Eagles, Canadian Maple Leafs, British Queens Beasts, and more.
They also offer a wide range of bullion products from top IRA-certified refiners in various sizes and weights.
Genesis Gold Group Services
In addition to offering various metals for purchase, Genesis Gold Group provides several other services, such as asset protection strategies, physical storage through third-party vaults, and portfolio management options with IRA accounts.
They also offer educational articles and blogs for those looking to learn more about precious metals investing.
The company is also known for its excellent customer service, offering fast shipping and competitive prices to its clients. On top of this, they provide a secure online platform where investors can easily view live price updates, track orders, and manage accounts.
Why Precious Metals
Unlike stocks and mutual funds, you can hold gold and silver in your hands and store them in your house. They can't be erased or wiped away like paper investments.
Genesis Gold Group metals are pure, so they can't be destroyed by water or other elements. They don't need maintenance or any other kind of care. They simply just grow in value while lying dormant.
You can't create precious metals out of thin air like digital and paper forms of money, and they also don't change form as currencies when the government feels like it.
In addition, you can use them in any part of the world, and they have an intrinsic value that can't be taken away by government fiat.
Precious metals don't usually follow the same stock market trends as other investments and typically appreciate in value. This makes them a great hedge against inflation since their prices tend to stay stable, if not rise, over time.
Precious metals are already rare, and they will continue to be as people continue to discover more uses for them.
Currently, India is the largest consumer of gold in the world due to their love of jewelry, and central banks all over the world are now investing in gold to protect their reserves.
Additionally, the demand for industrial metals is also growing due to technological advancements such as electric vehicles and renewable energy sources.
It's often advised not to have your eggs in one basket, and that's true when it comes to investing. Precious metals provide diversification in your portfolio since they can be used as a hedge against other investments, such as stocks and bonds.
Genesis Gold IRA
Genesis Gold Group help their investors create a self-directed IRA account to diversify their retirement portfolio. These accounts are just like any other IRA accounts but with a backing of physical gold or silver products.
Types of precious metals IRA
Traditional gold IRAs are tax-deductible and allow investors to get a tax refund every year based on contributions made. It also allows them to roll over their existing retirement funds into the gold IRA without incurring any taxes or penalties.
Roth IRAs are funded with after-tax money, meaning investors won't be able to get a tax refund unless they withdraw the funds before reaching retirement age. However, once they reach retirement age, all their withdrawals will be tax-free.
SEP stands for Simplified Employee Pension plan and is designed for small business owners or self-employed individuals who want to save more than what traditional plans allow. These plans offer generous contribution limits and have similar tax advantages as Traditional IRAs.
Setting up Your Gold IRA With Genesis Gold Group
Genesis Gold Group lets investors interested in precious metals IRA set up their accounts in three simple steps. They include:
Keep in mind that Genesis Gold Group is a precious metal dealer, which means investors must find IRA-approved custodians to set up a gold IRA account.
Fortunately, by working with Genesis Gold Group, their representatives will provide a list of approved custodians and help investors with the process. An investor mail this application physically or sign it electronically using DocuSign (https://www.docusign.com).
Investors can transfer their funds from an existing retirement account or roll them over into their new gold IRA account tax-free and without penalties. One of the Genesis Gold Group representatives will call the bank and the investor's chosen custodian to facilitate this process.
After the account is set up, investors can then purchase and allocate their gold or silver products according to their preferences. Genesis Gold Group has almost all types of precious metals that investors can select from, including coins, bars, and rounds.
Precious Metals IRA Set Up Fees
Investing in a gold IRA will come with some costs, such as account set-up fees, custodial management charges, and storage fees. An investor will also buy the precious metals they need to back up their account.
Unfortunately, Genesis Gold Group doesn't say what their fees are. Investors will have to request a quote and find out more about the company's pricing.
Genesis Gold Group Storage Options
Genesis Gold Group has partnered with Delaware Depository Services Company (DDSC) to help their clients store their precious metals.
This facility is the largest precious metals storage company in America, backed by CME Group Inc. and Intercontinental Exchange (ICE). They carry $1 billion in all-risk insurance for their stored metals and offer the highest level of security for clients.
Gold IRA Rules
First, an investor must purchase precious metals from IRA-approved dealers. The gold must be at least 99.5% pure, the silver at least 99.9% pure, and the platinum and palladium at least 99.95% pure. These metals must be held in a depository or storage facility also approved by the IRS.
Second, there are contribution limits depending on the age of the investor. If one is under 50 years old, they are only permitted to make annual deposits of up to $6,000.
Over 50 years old, they can make deposits up to $7,000. SEP IRA accounts provide a greater allowance of up to 25% of one's income or $66,000 (whichever's higher).
Lastly, regarding withdrawals, investors can't take a distribution from their gold IRA until they reach the age of 59 1/2. However, if they wait until they turn 70 1/2, they must at least take a minimum withdrawal (varies with age and life expectancy) every year.
Pros and Cons of Genesis Gold Group
The first thing you'll see when you visit the Genesis Gold Group's website is their extensive list of precious metals products they have. This is a plus to investors because it provides them with a wide variety of choices and makes it easier for them to find the product that best suits their needs.
Genesis Gold Group is driven by the desire to help investors create a balanced portfolio and protect their wealth. They prioritize customer satisfaction by offering a secure online platform, excellent customer service, fast shipping, and competitive prices.
Genesis Gold Group doesn't show prices for the products they are selling. Instead, they provide a link for investors to inquire about pricing. This can be a bit of an inconvenience for someone that is trying to compare prices across different precious metals dealers.
Given that the company is relatively new, the Genesis Gold Group does not have as much of a name in the industry as its competitors. In fact, as of writing this, they only have 22 reviews on the Better Business Bureau's website.
This can make it more difficult for investors to trust the company, but with time people will likely become more familiar with them and their services.
Overall, this company can be a choice for anyone looking to invest in precious metals. Investors should take note of the rules associated with owning a gold IRA, such as contribution limits and withdrawal requirements.
They should also consider researching other companies in the industry before making any investments — the more information one has about the market, the better-informed decision one can make.
Ultimately, investing in precious metals is a smart move that can help protect your wealth and ensure its growth over time.
Remember to read our list of the Best Gold Investment Companies to work with, before investing your hard-earned savings!
Or, if you like what you read about Genesis Gold Group, continue to their website below.